A parlay bet combines two or more individual selections, called legs, into a single wager. All legs must win for the parlay to cash. If even one leg loses, the entire bet fails.
Building a Parlay
When creating a parlay, a bettor selects multiple events — for example, a football team to win, a basketball game to go over 210 points, and a tennis player to advance. Each selection is a "leg." The odds from each leg are multiplied together to create a combined line.
- Minimum Legs: Most sportsbooks require at least two selections.
- Maximum Legs: Some allow 10, 15, or even 20 legs. The more legs, the larger the potential payout but the slimmer the chance of winning.
Pushes and Voids
If a leg results in a push (e.g., a point spread lands exactly), that leg is removed and the parlay recalculates with the remaining selections. If a game is voided (e.g., canceled), the bet continues with fewer legs.
Losing One Leg
If just one leg loses, the entire parlay loses. This all-or-nothing feature is why parlays are high-risk but attractive to bettors seeking big payouts from small stakes.
Example
A three-leg parlay at decimal odds of 2.00, 1.80, and 1.50 multiplies to 5.40. A $50 stake would return $270 if all legs win, but nothing if one leg fails.